Dhaka stocks extended their recovery for a second straight session on Wednesday, with the DSEX gaining 21.6 points as investors hunted for beaten-down shares after gas supply returned to pre-disruption levels.
Government assurances on stronger industrial gas supplies and renewed regulatory engagement with leading stockbrokers also helped sentiment, while Moody’s improved outlook on Bangladesh and stronger apparel exports to the US added to the positive backdrop.
The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 0.39 per cent to 5,494 points from 5,472 a day earlier. Turnover climbed 10.17 per cent to Tk556.21 crore from about Tk500 crore.
Market capitalisation rose 0.39 per cent to Tk689,116 crore.
The market stayed positive from the opening, with bargain hunting gathering pace around mid-session as investors accumulated shares that had fallen in consecutive sessions, EBL Securities said.
Some gains faded in the final hour as cautious selling returned amid subdued confidence and lingering domestic and geopolitical concerns.
Insurance shares, which had rallied in the previous session, gave back some gains as investors remained uncertain about the durability of the recovery.
Of the 395 issues traded, 179 advanced, 153 declined and 63 remained unchanged.
Textiles dominated trading, accounting for 27.6 per cent of turnover, followed by general insurance with 15 per cent and banks with 10.9 per cent of the total in the DSE.
Most sectors ended higher. Jute led with a 2.1 per cent gain, followed by travel at 1.2 per cent and paper at 1.1 per cent.
General insurance fell the most, losing 2.2 per cent, while mutual funds declined 1.7 per cent and food shares slipped 0.4 per cent.
Orion Infusion was the day’s top gainer, followed by Al-Haj Textile and ISN Limited.
Sharp Industries topped the turnover chart, while Eastern Bank also recorded considerable turnover.
The market’s second day of gains also came of Moody’s Ratings revised Bangladesh’s sovereign outlook to stable from negative, citing easing political and external pressures, stronger foreign-exchange reserves, and record remittance inflows.
The global rating agency affirmed the country’s long-term issuer and senior unsecured ratings at B2.
Moody’s said risks that had prompted the negative outlook had become more balanced at the B2 level, while the post-election transition and the government’s strong mandate had reduced the risk that political uncertainty would derail reforms.
Export data offered another positive signal. Bangladesh’s ready-made garment exports to the US jumped 25.65 per cent year-on-year to more than $817 million in August.
Chattogram stocks also closed higher. The Chittagong Stock Exchange’s Selective Categories Index (CSCX) gained 39.9 points, while its All Share Price Index (CASPI) advanced 74.9 points.
